Oil Rises….

Christmas time is over and as we near the end of the year 2007 we see that SPECULATION continues to control the crude prices as this “black gold” rose for a third day in New York on concern shipments from Iraq may be disrupted after the Turkish military attacked bases of Kurdish rebels in northern Iraq.

Turkish jets bombed eight sites in northern Iraq where the military suspected Kurdish rebels were setting up camp, the military said in a statement on its Web site. The strikes targeted mountain caves and other shelters in the Zap region of neighboring northern Iraq. Iraq exports crude oil through its northern pipeline to Turkey.

Turkish Prime Minister Recep Tayyip Erdogan said yesterday attacks on bases of the Kurdistan Workers Party, or PKK, in Iraq would continue.
There are a lot of flashpoints being created by the geopolitical conflicts, there are so many flare-ups -- Iraq, Nigeria, Iran and Venezuela … Iraq exported 1.9 million barrels of oil a day in September compared with 1.69 million barrels a day in August, according to data supplied by the U.S. Department of State. The Middle East oil producer holds the world's third-largest crude oil reserves.
Turkey launched bombing raids against the PKK in Iraq on Dec. 16 and Dec. 22 and briefly sent troops over the border. As many as 175 PKK fighters were killed in the first of those attacks, the Turkish military said on its Web site.

Oil rose Above $96 on Expected Supply Drop, Turkish Air Strike

Seriously folks this Turkey PKK affair is almost as old as Turkey itself, there is no reason for this conflict to affect crude prices…SPECULATION… The Turkish attacks are factored in but this isn't a new problem and it has had no impact on the oil flow…
Crude oil rose above $96 a barrel in New York for the first time this month as a government report tomorrow may show a U.S. inventory decline …every excuse is used to keep prices as they are…this is a very volatile situation !! The ongoing Turkish air attacks are an excuse to push prices to the upside

This week we will have more news that the US Supplies probably dropped 1.75 million barrels in the week ended Dec. 21, and this is how SPECULATION is used to manipulate crude prices…